Director Shareholding

Grainger Trust PLC
11 March 2004


The company was notified on 11 March 2004 that the following shares were 
purchased for the respective Directors.

The shares which were purchased under the Company's SIP are registered in the 
name of Capita IRG.

The price per 25p ordinary share was £18.75.

                                                                Total percentage 
                                             Total holding     holding of issued  
                              Number of     following this      shares following 
Director                shares acquired       notification     this notification 
                                                                    
Rupert Dickinson                     18            294,873                 1.19%
Stephen Dickinson                    18          1,312,190                 5.29%
Andrew Cunningham                    18             73,980                 0.30%
Sean Slade                           18             32,057                 0.13%


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